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Mumbai, Jan. 28 The Insurance Regulatory and Development Authority has given its in-principle approval for the transfer of 26 per cent stake in HDFC General Insurance Company, held by HDFC Ltd, to ERGO International AG, part of the Munich Re Group.

HDFC will receive Rs 235 crore from ERGO International AG for the 26 per cent share (3.25 crore shares of Rs 10 each) in the HDFC General Insurance Company Ltd. The transaction is likely to be completed during this month, said a BSE notice.

Mr Deepak Parekh, Chairman, HDFC Ltd, said, “General Insurance has been one area where we have lagged behind. We need to gear up and focus our energies to become one of the prominent players of this fast growing industry.”

“ERGO is a leading player in Europe, and I am certain that their vast experience, technical expertise and operational know-how will make a big difference for this business,” he added.

More Stories on : Mergers & Acquisitions | General Insurance

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